Intro – Wells Fargo Bank Reviews & Ranking
Wells Fargo Bank was recently ranked and reviewed by AdvisoryHQ as a top rated bank. Firms on our top rated lists were selected after they successfully passed AdvisoryHQ’s ground-breaking four-step banks and credit unions selection methodology.
Click here for a step-by-step breakdown of the methodology and selection process used during our review of Wells Fargo Bank: AdvisoryHQ’s Methodology for Selecting Top Banks and Credit Unions.
The below Wells Fargo Bank reviews provides a detailed review of Wells Fargo Bank, including the specific factors we used in our decision-making process and that make this one of the top banking firms.
Wells Fargo Bank Review
Founded in 1852, Wells Fargo Bank has a rich history that includes the Gold Rush, Great Depression, and post WWII prosperity. Throughout its history the bank has worked to be a pioneer in the banking industry focused on customer convenience.
One of the factors that makes this one of the top banking firms in the country is its sheer size. This Wells Fargo review found that the bank offers approximately 7,400 locations, 13,000 ATMs, and serves over 70 million customers (about 1 in every 3 households.)
A few of the ways that Wells Fargo has helped communities over the years include, through diversity and inclusion, economic empowerment, and environmental sustainability.
Wells Fargo Bank Reviews
This top banking firm offers lending, investment, and wealth management services to individual clients, small businesses, and commercial entities alike, in addition to standard checking and savings accounts.
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Key Factors that Enabled Wells Fargo to Rank as One of the Top Banking Firms
Below you will find a listing of key factors that enabled Wells Fargo Bank to rank as one of the top banking firms on our list.
Wells Fargo Bank Reviews | Wells Fargo Checking Account Review
From traditional banking options to meeting the more advanced and diverse needs of clients, Wells Fargo offers free online and mobile banking, debit cards with zero liability, and 24/7 fraud monitoring for all accounts.
Customers have five options to choose from when doing a Wells Fargo checking account review. Flexibility and the ability to choose the best account to meet your needs is one of the benefits of banking with a larger bank.
Our review of Wells Fargo Bank found the following checking account options:
- Everyday Checking: A basic Wells Fargo account for everyday banking needs.
- Preferred Checking: Earn interest as you bank. A good option for those with a Wells Fargo mortgage.
- Portfolio: An account for higher balances featuring top of the line rates, waivers, and discounts.
- Teen Checking: A zero fee account for teens aged 13-17 (or 18 in Alabama).
- Opportunity Checking: A Wells Fargo account for those unable to open a standard account due to banking history.
Our Wells Fargo checking account review found that all accounts are equipped with the following management tools to help you stay on track:
- Mobile and online banking
- Simplified payments
- Account alerts
- Privacy and security
- Budgeting tools
Wells Fargo Bank Review | Way2Save® Savings Account
With great features like Save as You Go Transfers® and overdraft protection, this Wells Fargo account for savings helps to set you up for success. Our Wells Fargo Bank review found the following features with the Way2Save® savings account:
- With each qualifying transaction, Wells Fargo will transfer $1 of funds from a linked Wells Fargo account for checking into savings
- Set up monthly automatic transfers
- Overdraft protection for checking account
- Avoid a $5 monthly service fee with a $300 minimum daily balance or recurring automatic savings option
Our Wells Fargo review of savings accounts, found two more ways that customers can save with this bank:
- Platinum Savings: The account with the highest savings rates available, plus check writing option.
- Wells Fargo CDs: Offering fixed rates and your choice of flexible terms. Minimum of $2,500 opening deposit.
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Wells Fargo Bank Reviews | Investing & Wealth Management Services
Another benefit of working with a large financial institution is that it will typically have robust services beyond just loans, checking, and savings. In our Wells Fargo review of additional services, we found the bank offers a wide array of investment, retirement, and wealth management services.
The complete line of services and products has been designed to guide you through the wealth management process, build a system around your current and future goals, and allow you to watch your financial life transform.
Wealth management services from Wells Fargo, one of the top banking firms, include:
- The Private Bank
- Wells Fargo Advisors
- Wealth Planning
- Investment Management
- Specialized Wealth Services
- Trust & Fiduciary Services
When it comes to investing and retirement savings, our Wells Fargo bank review revealed the following products/services:
- Self-Directed Online Trading
- Digital Investing Plus Advice
- Dedicated Financial Advisor
- IRAs
- Mutual Funds
- Investment Services
- Rollovers (401k and IRA)
- Investing for education
Related: Which are the Best Banks in Nashville for Checking, Savings and Loans?
Rating Summary
As one of largest banks, Wells Fargo offers more services and locations than many other top banking firms. Customers looking for convenience and the ability to access their bank locally wherever they go throughout the country will find those qualities here.
However, our Wells Fargo Bank review also found that the bank has a history of problems with mishandling of customer accounts, which is troubling.
This includes an unauthorized accounts scandal, for which the firm was recently fined $3 billion by federal authorities. Our Wells Fargo Bank reviews also turned up an earlier $1 billion fine over mortgage and auto loan violations that resulted in customers paying additional fees.
Although Wells Fargo is certainly one of the top banking firms in the country, our Wells Fargo bank review ultimately awards the firm a 3-star rating as the firm recovers from past scandals and works to regain customer trust.
In addition to reviewing the above Wells Fargo Bank reviews, you can click on any of the links below to browse exclusive reviews of AdvisoryHQ’s top-rated banking firms:
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